Chesser adds to Kestanelik resources
PERTH (miningweekly.com) – ASX-listed junior Chesser Resources has reported a 52% increase in its total mineral gold resource at its Kestanelik project, in Turkey.
The project is now estimated to host some 10.2-million ounces at 2.15 g/t gold and 1.9 g/t silver for 703 000 oz of contained gold. Of this, some 183 000 oz has been classified as indicated.
Chesser MD Rick Valenta said on Monday that the company was pleased with the increase in the resource estimate, and with the high percentage of the mineral resource located within 50 m of the surface.
“The additional drilling has increased our confidence in the presence of the near-surface, high-grade gold mineralisation and combined with excellent metallurgical results, these positives will form the backbone of a mining and milling operation at Kestanelik.”
Valenta noted that, additionally, Chesser also had numerous areas both within and outside the current mineral resource, which remained open for further resource expansion.
The updated mineral resource would now be incorporated into the scoping study, which was evaluating a yearly production of some 63 0000 oz of gold over an eight-year life-of-mine (LoM).
Construction capital estimates have been placed at $88-million, and the project was expected to have an average LoM cost of $415/oz.
A prefeasibility study (PFS) has now started based on the outcome of the scoping study, and would consider a number of alternatives for the development of Kestanelik, including staged development to minimise upfront costs.
The PFS would likely be completed by the first quarter of 2014.
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